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ND SB2158
Bill
Status
1/22/2015
Primary Sponsor
Lonnie Laffen
Click for details
AI Summary
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Allows individuals to aggregate charitable gifts made to multiple qualified endowments controlled by a single nonprofit organization benefiting a North Dakota institution of higher education to meet the $5,000 minimum contribution threshold.
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Provides a 40% income tax credit for charitable gifts to qualified endowments, with a maximum annual credit of $10,000 for individuals or $20,000 for married couples filing jointly.
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Requires either a single gift of $5,000 or more, or multiple gifts totaling $5,000 or more to the same qualified endowment, to qualify for the credit.
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Ensures the tax credit cannot exceed the taxpayer's income tax liability for the year.
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Effective for taxable years beginning after December 31, 2014.
Legislative Description
Aggregation of contributions for purposes of the income tax credit for charitable gifts if those gifts are made to qualified endowments under the control of a nonprofit corporation established and operated for the benefit an institution of higher education in this state, its staff, its faculty, or its students; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 11 nays 77
3/12/2015